The world’s population increases by 200,000 every day. It’s estimated that in 2050, there will be more than nine billion people and we’ll need 60-70 percent more food.
Already, American farmers are the world’s most efficient. Consider these facts:
U.S. consumers spend a lower percentage of household income on food than consumers in any other country. In 2010, 6.8 percent of final purchases were spent on food.
Because prices are so low, Americans can choose from a wide range of products and, in turn, spend the remainder of their disposable income on other things, thus supporting economic growth in other areas.
Looking back over the past 30 years, the rate of inflation in general, and rate of inflation for food specifically, has fallen. The average annual increase for food-at-home prices between 1990 and 2011 was 2.8 percent.